SPX (S&P 500) Index, Daily Chart Analysis 5/12

Implications and Outlook

1. Further short-term bullish momentum likely to hit Index Rally 2746 level, while Mean Resistance lays at 2752.

2. The break of the Rally will undoubtedly bring serious of the short-term bearish implications, having downside target to Mean Support of 2672.

3. Current bullish/bearish bias is 80/20

4. Chat is that you will find there's a vast amount of cash going in the US Money Market funds just last week alone escalating by $5.5 Billion, making the total assets to $2.8 Trillion. Could easily get exciting whenever that starts to move.
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